The emerging markets drilling company said its first half revenue for the six months ended
However, the company said its second quarter saw marginal improvement compared to the previous quarter, up 2.3% to
In May, Capital drilling said its revenues were 20% up in its first quarter compared with its fourth quarter 2013 figures, due to the start of production drilling at the Geita gold mine, with five new rigs being added to the fleet at the site during the first quarter.
The company said on Monday that the award of five-year contracts - with
The company added that although market conditions remain difficult into the second half of the year, it has already seen an increase in tenders and it hopes to continue an incremental quarterly revenues increase.
"While industry headwinds remain there has been a small but encouraging increase in tendering activity in recent months. The group continues to have ample available capacity in exploration and development drilling, ready to redeploy when conditions improve. We expect improved free cash flow in the second half of the year, with the capital expenditure required for the production contracts largely committed in the first half," Executive Chairman
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